Turn the Instant Pot / pressure cooker (6 quart capacity or larger) on the saute function.
Add onion, bell pepper, and garlic and saute until onions are starting to turn tender, 3 to 4 minutes.
Add sausage and beef and saute, breaking it apart, until cooked through, 6 to 8 minutes.
Drain excess grease out of the bowl (this will prevent the finished chili from being too greasy).
Add chili powder, brown sugar, ground cumin, and dried oregano and saute for 1 minute.
Stir in tomato paste, black pepper, and salt.
Add beer, broth, diced tomatoes, crushed tomatoes, kidney beans, and bay leaves.
Close and lock the lid.
Set the pressure cook / manual setting on high for 15 minutes.
Allow the pressure to release naturally.
Serve immediately or refrigerate for up to 2 days before serving.
Finish each bowl with your favorite toppings!